22 March 2020
Despite the daily distractions of the news, rare coins are still trading hands, writes US coin expert Jeff Garrett, as he assures us the rare coin market is still alive!
As I write this article, most rare coin professionals and collectors around the world are sheltered in trying to weather the coronavirus. Most are still connected to the world via the internet, so the rare coin market is still alive!
Bullion and any coins remotely bullion related are flying off the shelf. Most dealers around the world have exhausted their physical supply of precious metals. The premiums for silver are off the charts, and silver bars are harder to find than toilet paper!
Despite the daily distractions of the news, rare coins are still trading hands.
Stack's Bowers bravely conducted a major auction last week that was for all practical purposes, devoid of floor bidders. One determined collector reported that only about half a dozen bidders actually attended the main sessions of the auction. Despite this fact, bidding online more than made up for the lack of live bidders.
In general, prices seemed very firm considering the circumstances. Dealers and collectors were still paying strong prices for attractive coins, especially ultra-high grade coins that would boost registry set rankings. The final offering from the Pogue Collection sold for very strong prices, with over $9 million realised.
Next up will be the Heritage Central States Auction in a few weeks that will most likely be conducted under similar circumstances.
In Jeff's next column, he provides a guide to attending a coin auction (in person or online) for the first time. Sign up to the newsletter to receive updates direct to your inbox.